In a recently released analyst research report, Beacon Securities Ltd. Managing Director of Equity Research, Russell Stanley, just reiterated their buy rating on shares of U.S. multi-state cannabis operator iAnthus Capital Holdings, Inc. (CSE:IAN) (OTC:ITHUF) with a bullish price target.
This analyst update comes as iAnthus just received approval from the Florida Department of Health to sell whole flower smokable product to its Florida patients. Also, iAnthus plans to release its audited fourth quarter and full year 2018 financial results on Monday, April 1st, 2019 after the markets close.
Russell Stanley’s new price target of $16.00 CAD per share implies a potential upside of approximately 106.16% based on the last traded price of $7.76 CAD on the CSE.
According to Stanley, “IAN now trades at approximately 11x our 2020E EBITDA estimate. This represents a 49 per cent discount to the 21x average of the broad peer group and a 69 per cent discount to the 34x average amongst companies with a C$1 billion plus market capitalization.”
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